Infosys
shares fell sharply by nearly 20 per cent on Friday as the IT major projected a modest revenue growth of six to 10 per cent for fiscal 2013-14 over same period last year of Rs 40,352 crore (Rs 404 billion) or $7.4 billion.
Reacting to the lower than expected revenue growth, Infosys shares fell, wiping off Rs 30,943 crore from its market value, a
After making a weak opening from the previous close, shares of the company further tanked 19.8 per cent to Rs 2,340 on the BSE.
Similar was the trend at the NSE, where the stock crashed by 19.86 per cent to Rs 2,337.35.
Led by the sharp decline in the share price, the market value of the company tumbled by Rs 30,943 crore to Rs 1,36,610 crore.
India's third largest IT services exporter Infosys took the lid off the fourth quarter earnings calendar with a bunch of very
disappointing numbers.
The numbers indicated that the company has yet to recover from a slowdown of its sales engine and lost momentum with clients. The bigger disappointment was the guidance number for full year 2013/14.
The IT major
Infosys reported a 3.3 per cent increase in consolidated net profit to Rs 2,394 crore for the fourth quarter ended March 31, 2013.
The company had posted a net profit of Rs 2,316 crore for the January-March quarter of the previous fiscal (2011-12).
Fall in Infosys' stock which has the second highest weight on the Sensex was instrumental in sending the benchmark index down by 224.41 points to 18,317.79 in the first half of trade.
Infosys CEO and Managing Director S D Shibulal said, "Global economic uncertainties remain challenging for the IT industry."
With agency inputs
Special 
